【作者】 李真；

【导师】 石善冲；

【作者基本信息】 河北工业大学 ， 会计学， 2015， 硕士

【摘要】 西方发达国家的机构投资者崛起于20世纪80年代,我国在肯定机构投资者发展的同时,于2001年提出了“超常规发展机构投资者”的政策。随着机构投资者的迅猛发展,机构投资者逐渐成为证券市场的主导力量,而机构投资者持股比例的增加也使得机构投资者更多的抛弃了过去被动的消极主义思想,转变为通过积极参与公司治理提高公司绩效来获得长期收益的积极主义思想。但对于机构投资者是否能够真正参与公司治理、进而影响公司绩效与自身收益,以及这种影响是积极的还是消极的,国内外学者莫衷一是,争论不休。本研究通过规范研究和实证研究相结合的方法,对机构投资者对公司绩效的影响结果和影响机制问题进行了系统的研究。本文首先回顾了国内外学者的研究成果,然后通过理论研究推出机构投资者参与公司治理可以降低代理成本,进而会影响公司绩效,因此这是机构投资者获得长期收益的一个必然选择。但是考虑到不同类别机构投资者之间的差异,本研究将机构投资者划分为独立性机构投资者和非独立性机构投资者,然后实证研究这两类机构投资者对公司绩效的影响结果及影响机制的差异性。实证结果表明,机构投资者作为一个整体,对公司绩效的提升有着积极的作用,机构投资者持股比例越高,就越能发挥积极股东的作用参与到公司治理中,通过降低代理成本来提高公司绩效。独立性投资者对公司绩效的提高和代理成本的降低是显著有效的,而非独立性机构投资者则无法有效参与到公司治理中,因此无法有效改善公司绩效。更多还原

【Abstract】 The institutional investors of western developed countries began booming in the 1980 s, affirming the role of institutional investors, China put forward the strategy of "extraordinary development of institutional investors" in 2001.Along with the group of institutional investors, they have been becoming the important power in the securities market. At the same time, with the higher and higher proportion of stock share, institutional investors have abandoned the past passive negative ideology, and began to perform actively participating in corporate governance to achieve the long-term benefits-which is called “shareholder activism”. But whether institutional investors can actually participating in corporate governance, and then affect corporate performance and their own benefits, and the effect is positive or negative, these has been a controversial issue at home and abroad in recent years.In this paper, I have studied the impact on the performance and influence mechanism of listed companies in our country by institutional investors through standardize research and empirical research method systematically.This article first reviews the research achievements of scholars at home and abroad, and then through further theoretical research is implemented to explore its function mechanism- agency cost. But considering the difference between different categories of institutional investors, they could be divided into independent institutional investors and dependent institutional investors, and then empirical research the impact of these two types of institutional investors on corporate performance results and the influence mechanism of the difference. The empirical results show that the whole institutional investors have a positive effect to the promotion of corporate performance, the higher the institutional investor shareholding, the more you play the role of shareholders to participate in corporate governance actively, through reducing the agency cost to improve corporate performance. Independent investors can significantly improve the corporate performance and reduce agency cost, rather than independent institutional investors are unable to effectively participate in corporate governance.更多还原